The banking community warned parents to be on the lookout for a TRICK scammers are using to fleece unsuspecting Jamaicans of funds, especially during the back-to-school season.
In a post on its social media page, the National Commercial Bank (NCB) said the scammers target parents interested in scholarships or student loans.
“As we approach the back-to-school season, we want to highlight an important issue: scholarship and student loan scams. Fraudsters often target students and parents, offering ‘guaranteed’ scholarships or low-interest loans, usually asking for a small fee.”
National Commercial Bank.
Some of the key warning signs to look out for are persons offering guaranteed scholarships or loans without a vetting process:
“Authentic providers typically do not guarantee funds before an application process. Any entity promising this is possibly fraudulent,” the post from the bank stated.
National Commercial Bank
Another practice to look out for is upfront fees
“Legitimate scholarship foundations and loan providers are not likely to ask for money upfront. Fees for ‘processing,’ ‘insurance’ or ‘paperwork’ may be indicators of a scam,” the post outlined.
National Commercial Bank
Phishing Attempts: Watch out for emails or messages asking for personal information to process scholarships or loans. These could be attempts to steal an individual’s identity.
Avoid Upfront Payments: Scholarships and loans do not usually require any upfront fees. Always question any payment request.
Research Thoroughly: Confirm the legitimacy of the provider. Research them online, look for reviews, and verify their contact information, the bank post stated.